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EIA Weekly Crude Oil Inventories -5187K vs -3305K Expected

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  • Previous gross -12580
  • Gasoline +5320K vs +2707K exp
  • Distillates +6159K vs +2208K exp
  • Refinery utilization +0.3% vs +0.1% exp
  • SPR draw last week was 2.1MB

Late yesterday in the API report:

  • Oil -6428K
  • Gasoline +5930K
  • Distillates +3550K

The US SPR has now been drawn from 206.7 million barrels with around 17 million barrels to go.

These numbers are very similar to API data, as refineries work hard. You would have thought last week’s big drawdown would have lifted oil or re-opened China, but nothing is working for crude right now and that feels like a tell-tale.

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